Nomura has announced an equity investment into Prismic Life Reinsurance, Ltd. (Prismic), a licensed Class E Bermuda-based life and annuity reinsurance platform, alongside Prudential Financial, Inc. (US) (“PFI”), Warburg Pincus and other investors.
According to reports, at launch, Prismic will now have a combined initial equity investment of approximately $1 billion, with PFI owning 20% and Warburg Pincus owning 15% of the equity. A group of global investors will own the remaining 65% equity, with Nomura participating as a founding investor.
Nomura also has a robust marketplace reputation providing insurance clients with a comprehensive range of services to address their needs, across Advisory, Financing, Solutions, Structured Products and Sales and Trading globally.
Additionally, Nomura also acted as joint Lead Arranger and Bookrunner on a syndicated debt facility which will be used to further capitalise Prismic.
Prudential and Warburg Pincus will initially own 20% and 15% of the equity in Prismic, respectively. Prismic’s board will include two independent directors and one director nominated by each of Prudential, Warburg Pincus, and the group of investors.
“We are excited to invest alongside two market leaders, Prudential Financial, Inc. and Warburg Pincus, in Prismic. Insurance is a growing client segment for Nomura globally and part of our ambitions to expand our platform more broadly”, said Chris Willcox, Executive Officer and Head of Wholesale Division.
The board responsible for the oversight of Prismic’s business will include two independent directors and one director nominated by each of PFI, Warburg Pincus, Nomura and the other investors. Gordon Sweely, Global Head of Securitized Products and Private Credit, will represent Nomura on Prismic’s board.
“This investment is an opportunity for Nomura to invest in a reinsurance platform targeting a growing market space,” added Sweely. “We look forward to working in partnership with them as an investor and a capital markets partner to grow this platform.”
Source: FF News